Dave’s Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion.
Dave’s Hot Chicken got its start in 2017 as a popup in a Los Angeles car parking zone. It has grown exponentially since then and expects to finish this 12 months with 400 restaurants worldwide. The brand makes a speciality of Nashville-style hot chicken.
Investors in Dave’s Hot Chicken have included the rapper Drake, who gives away hot chicken sliders yearly on Oct. 24, his birthday.
Atlanta-based Roark makes a speciality of franchised businesses. It bought the Subway sandwich chain in 2023 and backs two holding firms that own multiple restaurant chains: Encourage Brands, the parent of Arby’s, Dunkin’, Jimmy John’s, Sonic and Buffalo Wild Wings; and GoTo Foods, which owns Auntie Anne’s, Carvel, Cinnabon and Jamba.
Dave’s Hot Chicken said its leadership team — including CEO Bill Phelps and the 4 childhood friends who founded the corporate — will remain and proceed to steer menu innovation, food quality, operations and marketing.
“Our entire organization is happy concerning the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners,” Phelps said in an announcement.
Dave’s Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion.
Dave’s Hot Chicken got its start in 2017 as a popup in a Los Angeles car parking zone. It has grown exponentially since then and expects to finish this 12 months with 400 restaurants worldwide. The brand makes a speciality of Nashville-style hot chicken.
Investors in Dave’s Hot Chicken have included the rapper Drake, who gives away hot chicken sliders yearly on Oct. 24, his birthday.
Atlanta-based Roark makes a speciality of franchised businesses. It bought the Subway sandwich chain in 2023 and backs two holding firms that own multiple restaurant chains: Encourage Brands, the parent of Arby’s, Dunkin’, Jimmy John’s, Sonic and Buffalo Wild Wings; and GoTo Foods, which owns Auntie Anne’s, Carvel, Cinnabon and Jamba.
Dave’s Hot Chicken said its leadership team — including CEO Bill Phelps and the 4 childhood friends who founded the corporate — will remain and proceed to steer menu innovation, food quality, operations and marketing.
“Our entire organization is happy concerning the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners,” Phelps said in an announcement.
